Exhibit 99.1
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| | |
| | RE: NN, Inc. |
| | 6210 Ardrey Kell Road |
| | Charlotte, NC 28277 |
| |
FOR FURTHER INFORMATION: | | |
| |
AT THE COMPANY | | AT ABERNATHY MACGREGOR |
Paul Taylor | | Claire Walsh |
Vice President Marketing & Investor Relations | | (General info) |
(980)264-4313 | | 212-371-5999 |
FOR IMMEDIATE RELEASE
September 13, 2018
NN, INC. ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK
Charlotte, North Carolina, September 13, 2018 –NN, Inc., (Nasdaq: NNBR) (“NN” or “the Company”) a diversified industrial company, today announced the pricing of an underwritten public offering of 12,500,000shares of its common stock at a price of $16.00 per share. NN has granted the underwriters a30-day option to purchase up to an additional 1,875,000shares of common stock. Closing of the offering is expected to occur on September 18, 2018.
The net proceeds to NN from the offering, after deducting underwriting discounts and estimated offering expenses, are expected to be approximately $188,500,000 (or approximately $216,925,000 if the underwriters exercise their option to purchase additional shares of common stock in full). NN intends to use the net proceeds from the offering to repay all or a portion of the $200,000,000 second lien secured credit facility incurred in connection with the acquisition of Paragon Medical, Inc. and the remaining net proceeds, if any, for general corporate purposes.
J.P. Morgan Securities LLC is acting as sole active book-running manager and as representative of the underwriters for the offering. Robert W. Baird & Co. Incorporated, KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers.
Investors are advised to carefully consider the investment objectives, risks and charges and expenses of NN before investing. A preliminary prospectus supplement dated September 10, 2018 and accompanying prospectus dated April 19, 2017 relating to the offering have been filed with the U.S. Securities Exchange Commission (the “SEC”). The shares are being offered pursuant to an effective shelf registration statement filed on FormS-3 with the SEC (FileNo. 333-216737). To obtain a copy of the preliminary prospectus supplement dated September 10, 2018 and the final prospectus supplement (when available) for this offering, please contact J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone:1-866-803-9204 ore-mailprospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
NN, Inc., a diversified industrial company, combines advanced engineering and production capabilities within-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has 51 facilities in North America, Western Europe, Eastern Europe, South America and China.